Luxury Good Makers Push Swiss Market Higher Friday

(RTTNews) - Swiss stocks advanced Friday, paced by gains among luxury good makers Richemont and Swatch as central bankers in Asia and Europe eased concerns about the global economy.

The Swiss Market Index rose 1.01 percent to 9,080.55, its highest in seven years. Despite the advance, Swiss shares were outperformed by other European markets playing catch-up after losses earlier in the year.

European Central Bank President Mario Draghi said the ECB will expand its asset purchase program if inflation fails to soon show signs of returning to the targeted level.

Elsewhere, China surprisingly cut interest rates in order to stoke more robust growth.

Richemont shares rose 3 percent and Swatch added 2.5 percent.

Transocean trimmed recent losses, gaining 2.5 percent as crude oil prices snapped back.

Banks Credit Suisse and UBS were up about 2 percent each.

UBS said more than 90 percent of shares had been tendered into an exchange offer for a new holding company.

Novartis was up fractionally after earning European approval for a treatment against psoriasis.